Closing in 30 days. Cash deal . No money in the bank!

7 Replies

Hi I just won a bid on a house. I have cash but what is the best options for me to put it all in the bank without having issue with irs or bank regulation.

Having a hard time understanding what you’re asking.

@John K. I have a house that is closing in 30 days. I have cash in hand. But I need to deposit about 100k into the bank.

Originally posted by @Tu Le :

John K. I have a house that is closing in 30 days. I have cash in hand. But I need to deposit about 100k into the bank.

Putting that much cash in the bank will (rightfully) trigger reporting to the Federal Government. People who hold large sums of cash outside the bank generally do so for the purpose of tax evasion. If the cash was earned legally and you are paying taxes, then just go deposit the money. Nothing will happen if you are following the law. 

Sorry if I am misunderstanding your question, then please clarify.

Thank you !

As stated above, any large cash deposits will require you to fill out a tax form. I believe the limit is $10k, and anything over that requires you fill out the form. if the money was earned legally, should be no issue.

if you don't want to get the irs involved, I have heard that people have deposited $9999, and then the bank wont ask you to fill out the form. if you did this over the course of two weeks every other day, technically they may not be required to make you fill out the form. However, I imagine this would raise some sort of red flag, and the bank manager may or may not do something.

I do nto work for a bank and cannot confirm anything 100%, nor do I condone or encourage illegal activity.

Depositing less $10K in separate transactions is called structuring and is illegal.

Originally posted by @Jack Berg :

Depositing less $10K in separate transactions is called structuring and is illegal.

 interesting. I didn't realize it had a name.

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